XYLP.L vs. HDLG.L

Last updated Jul 29, 2026

XYLP.L (Global X S&P 500 Covered Call UCITS ETF) and HDLG.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF) are both exchange-traded funds - XYLP.L is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite 15% WHT Index, while HDLG.L is a S&P 500 fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 3 years, XYLP.L returned 8.56%/yr vs 10.69%/yr for HDLG.L. Their 0.32 correlation means their historical movements had little consistent relationship. XYLP.L charges 0.45%/yr vs 0.30%/yr for HDLG.L.

Performance

XYLP.L vs. HDLG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Global X S&P 500 Covered Call UCITS ETF (XYLP.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XYLP.L is traded in GBP, while HDLG.L is traded in GBp. To make them comparable, the HDLG.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, XYLP.L achieves a 8.08% return, which is significantly lower than HDLG.L's 15.70% return.

XYLP.L

• 1D: 0.00%
• 1M: 1.32%
• 6M: 9.29%
• YTD: 8.08%
• 1Y: 14.95%
• 3Y*: 8.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.25%

HDLG.L

• 1D: 1.42%
• 1M: 3.72%
• 6M: 14.46%
• YTD: 15.70%
• 1Y: 16.25%
• 3Y*: 10.69%
• 5Y*: 8.82%
• 10Y*: 6.72%
• ALL TIME*: 5.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HDLG.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF	£6.68K	£7.03K	£10.75K
XYLP.L Global X S&P 500 Covered Call UCITS ETF	£165.83K	£168.59K	£165.34K

XYLP.L vs. HDLG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XYLP.L Global X S&P 500 Covered Call UCITS ETF	8.08%	-1.18%	19.03%	-20.73%
HDLG.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF	15.70%	-3.57%	18.46%	6.27%

Correlation

The correlation between XYLP.L and HDLG.L is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	0.32

Over the past year, the correlation between XYLP.L and HDLG.L has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

Return for Risk

XYLP.L vs. HDLG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XYLP.L

XYLP.L Risk / Return Rank: 82
XYLP.L Sharpe Ratio Rank: 81
XYLP.L Sortino Ratio Rank: 78
XYLP.L Omega Ratio Rank: 81
XYLP.L Calmar Ratio Rank: 86
XYLP.L Martin Ratio Rank: 81

HDLG.L

HDLG.L Risk / Return Rank: 60
HDLG.L Sharpe Ratio Rank: 63
HDLG.L Sortino Ratio Rank: 66
HDLG.L Omega Ratio Rank: 56
HDLG.L Calmar Ratio Rank: 67
HDLG.L Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XYLP.L vs. HDLG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call UCITS ETF (XYLP.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XYLP.L	HDLG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.46	+0.41
Sortino ratio: Return per unit of downside risk	2.54	2.18	+0.36
Omega ratio: Gain probability vs. loss probability	1.34	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	3.42	2.34	+1.08
Martin ratio: Return relative to average drawdown	10.71	5.91	+4.80

XYLP.L vs. HDLG.L - Sharpe Ratio Comparison

The current XYLP.L Sharpe Ratio is 1.88, which is comparable to the HDLG.L Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of XYLP.L and HDLG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XYLP.L vs. HDLG.L - Drawdown Comparison

The maximum XYLP.L drawdown since its inception was -23.57%, smaller than the maximum HDLG.L drawdown of -38.91%. Use the drawdown chart below to compare losses from any high point for XYLP.L and HDLG.L.

Drawdown Indicators

	XYLP.L	HDLG.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.57%	-38.91%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-6.92%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-15.61%	-3.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.75%	—
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	-12.94%	-9.11%	-3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	2.74%	-1.34%

Volatility

XYLP.L vs. HDLG.L - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call UCITS ETF (XYLP.L) is 2.34%, while Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) has a volatility of 3.91%. This indicates that XYLP.L experiences smaller price fluctuations and is considered to be less risky than HDLG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLP.L	HDLG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	3.91%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	6.40%	8.83%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	11.06%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	13.02%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	15.54%	+1.50%

XYLP.L vs. HDLG.L - Expense Ratio Comparison

XYLP.L has a 0.45% expense ratio, which is higher than HDLG.L's 0.30% expense ratio.

Dividends

XYLP.L vs. HDLG.L - Dividend Comparison

XYLP.L's dividend yield for the trailing twelve months is around 8.31%, more than HDLG.L's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDLG.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF	3.36%	3.94%	3.46%	4.11%	3.49%	3.30%	4.65%	3.77%	3.67%	3.17%	2.88%	1.86%
XYLP.L Global X S&P 500 Covered Call UCITS ETF	8.31%	9.01%	6.22%	3.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XYLP.L and HDLG.L in my portfolio?

XYLP.L and HDLG.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XYLP.L or HDLG.L?

On fees, HDLG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XYLP.L or HDLG.L?

HDLG.L is cheaper with a 0.30% expense ratio, compared with 0.45% for XYLP.L.

What is the main difference between XYLP.L and HDLG.L?

XYLP.L is categorized as Derivative Income, while HDLG.L is S&P 500. XYLP.L tracks Cboe S&P 500 BuyWrite 15% WHT Index, while HDLG.L tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.45% for XYLP.L and 0.30% for HDLG.L.